My first choice would be lake Hylia, im trying to decide which era though OoT or TP either would do, I love fishing. As long as i has a small Hut, and lil Jimmy boat, I'd be happy there, i could make money selling fish in Castle Town. So i would get my taste of the city, i just dont think i could live there!
I would also like Windfall Island for reasons that have already been mentioned. Like all the people who would come and go, meeting all kinds of different characters. However i would need my own ship. I can NOT be stranded on an Island for the rest of my days!
One i thought of right off the rip, but is less practical due to living conditions would be the Forbidden Woods from TP. The actual area not so much the dungeon! It seems really peaceful and pretty there. Not a whole lot there to bother you. The place is just great, I guess at the same time, i wouldnt mind the Lost Woods from ALttP post getting the Master Sword! same basic idea!